India’s energy sector offers investment opportunities worth $500 billion, with plans to raise refining capacity beyond 300 million tonne per annum (MTPA), expand oil and gas exploration to 1 million square kilometre, and mobilise $100 billion in upstream investments by the end of this decade, Prime Minister Narendra Modi said on Tuesday.
Addressing the inaugural function of India Energy Week 2026 virtually, the Prime Minister said the country’s expanding economy and rising energy demand are creating sustained opportunities across the energy value chain, including refining, exploration, liquefied natural gas (LNG) infrastructure and downstream petrochemicals.
Refining Capacity Boost
Highlighting India’s refining strength, Modi said the country’s current refining capacity stands at around 260 MTPA, with efforts underway to raise it beyond 300 MTPA. Noting that India is among the top five exporters of petroleum products with exports reaching more than 150 countries, he said this scale offers advantages to global partners.
The PM said India aims to raise $100 billion in oil and gas investments by the end of this decade, while expanding exploration coverage to 1 million sq km. He added that over 170 exploration blocks have already been awarded, and the Andaman and Nicobar basin is emerging as the next hydrocarbon hope.
“Suggestions received during previous editions of India Energy Week have been incorporated into changes in Acts and Rules,” he said, adding that reforms such as reduction in no-go areas are intended to improve outcomes for investors.
Modi further said that city gas distribution networks have already expanded across many cities and are continuing to grow, creating further opportunities for investment. With India’s large population and growing economy, he said demand for petrochemical products will continue to rise, requiring expanded downstream energy infrastructure.
Reforms Driving Growth
“Today’s India is riding on the Reforms Express,” the Prime Minister said, adding that reforms are being undertaken to strengthen domestic hydrocarbons while creating a transparent and investor-friendly environment for global collaborations.
He pointed out that the country is moving beyond energy security towards energy independence, building an energy ecosystem capable of meeting domestic demand and supporting competitive exports through affordable refining and transportation.
Concluding his address, the PM invited global investors with the message: “Make in India, Innovate in India, Scale with India, Invest in India.”